According to the 2021 report on Cameroon's foreign trade, published by the National Institute of Statistics (NIS), Cameroonian products were exported to 128 countries around the world in 2021. On analysis, however, the diversity of clients was a mere a facade since the NIS states that 'the top five clients accounted for nearly 62% of Cameroon's total exports over the course of the year'.

By order of precedence, these countries are China, Cameroon's leading client, which received 25.8% of Cameroon's exports worth CFAF 618.4 billion; the Netherlands (12.4%, or CFAF 297.7 billion); India (9.6%, or CFAF 230.9 billion); Italy (7.1%, or CFAF 171 billion); and Spain (6.1%, or CFAF 145.9 billion). In line with the strong concentration of its exports on only a few markets, the range of products exported by Cameroon in 2021, as has been the case for ages, is also very limited.

For example, according to the NIS report, 85% of Cameroon's exports to China during the period under review consisted of hydrocarbons, namely crude oil (66%) and natural gas (19%). Timber (10%) and sawn timber (3%) complete the list of products. "These four products will account for 98% of exports to China in 2021," the NIS points out.

Weak trade with African countries

At the same time, we learn from the same source, 'five products represent nearly 99% of exports from Cameroon' to the Netherlands, its 2nd largest client in the world. Better still, 72% of these exports are made up of cocoa and its derivatives (butter and paste). With India, the 3rd largest market, 98% of Cameroon's exports are petroleum products, including crude oil (75%) and liquefied natural gas (23%).

According to the analysts of the organ in charge of the elaboration of official statistics in Cameroon, the value of exports between Cameroon and African countries remains rather weak. In 2021, for example, shipments of goods from Cameroon to African countries represent only 9.7% of total export earnings, including 7.3% to other CEMAC countries (Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad) and 0.8% to Nigeria.

As a reminder, during the year 2021, Cameroon's trade deficit worsened, reaching CFAF 1 478 billion, against CFAF 1 375 billion in 2020. This corresponds to an increase in absolute value of CFAF 103 billion (+7.5%) over one year. "This deterioration is the result of an increase in import expenditure of CFAF 693 billion, or 21.8%, which is much higher than the increase in export revenue, which stands at CFAF 591 billion, or 32.8%, compared to the year 2020. This positive development recorded in both exports and imports marks a recovery of foreign trade slowed down in 2020 by the impact of the Covid-19 pandemic," explains the NIS.

Source: Business in Cameroon